Here’s what economic recovery could look like for your family
Here's a short article and a video that talks about what a recovered economy would actually look like. What I found particularly interesting, in lieu of our minimum wage increase discussion, is the segment where they talk about the free market driving wages up without any government intervention (starts with about 4 min 15 sec left in the video). Do you think these wages increases will happen across all industries without any government intervention? Anything else in the video or article you strongly agree or disagree with?
The link isn't working.
ReplyDeleteSorry, the link is working on my browser but if you're still having try copying and pasting the link below.
ReplyDeletehttp://finance.yahoo.com/blogs/hot-stock-minute/here-s-what-economic-recovery-could-look-like-for-your-family-144843539.html
Thanks for the link. It works now.
ReplyDeleteAnyway, here is my favorite section of the article:
Yahoo Finance Editor-in-Chief Aaron Task said the question is what kind of jobs those are. “If we create a lot of jobs where people are working at fast food restaurants that’s not going to feel like a full-employment type economy to a lot of people,” he said. “To me, it’s about the quality of the jobs, not just the jobs.”
Many of the jobs created in the past few years have been part-time or low paying jobs and the labor force participation rate has been declining so the quality of the ongoing recovery is poor.
Like Aaron Task said, it is the quality, not the quantity, that matters more. In other words, it shouldn't be "jobs, jobs, jobs." It should be "growth, growth, growth."
The issues in the video are all quite interesting, and it would be AMAZING if al those things can be achieved in two years. In my opinion, i don't think it can be done, especially without government intervention. I sternly believe Blinder's suggestion (in After The Music Stopped) that government intervention is crucial to the recovery of the economy. It is possible that with increased government presence, the economy will be looking something like those projections in two years.
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